Fraud & scams
Hong Kong SFC issued circular June 2, 2026 warning brokers and virtual asset platforms about AI-enhanced cybersecurity vulnerabilities enabling unauthorized access to client data and asset misappropriation. Cyber incidents rose 27% to 15,877 in 2025.
Fraud & scams
Singapore's Anti-Scam Centre partnered with cryptocurrency exchanges including Coinbase, Gemini, and OKX to prevent over $4.2 million in potential losses across government impersonation, investment, job, and romance scams.
On May 26-27, 2026, Federal Court of Australia imposed civil penalties of $50,000 against Castra Licensee Pty Ltd and $45,000 against Princeton Securities (NSW) Pty Ltd after they failed to pay infringement notices issued by AUSTRAC in September 2024 for alleged breaches of the AML/CTF Act.
Fraud & scams
The World Bank imposed an 18-month debarment on China National Technical Import & Export Corporation (CNTIC), a Beijing-based state-owned enterprise, for fraudulent practices affecting three energy infrastructure projects in Pakistan, Bangladesh, and Maldives.
The Monetary Authority of Singapore imposed a composition penalty of S$300,000 on Padang Trust Singapore Pte. Ltd., a licensed trust company, for breaches of Anti-Money Laundering and Countering the Financing of Terrorism requirements.
Xie Jianfeng, General Manager of Finance at Sasseur-related company, was convicted and fined S$200,000 on May 19, 2026 for insider trading.
MAS revoked Major Payment Institution Licence of Bsquared Technology (BSQ) effective May 14, 2026. BSQ no longer permitted to provide digital payment token services in Singapore. MAS found BSQ provided false or misleading information to regulator on multiple occasions.
MAS imposed S$40,000 composition fine on Havenport Investments Pte Ltd (HIPL) for regulatory breaches including failure to maintain adequate risk management framework, breaching base capital requirement, and failing to report non-compliance to MAS.
Money laundering
OCCRP investigation revealed Worldclear, tiny New Zealand payment firm, transferred hundreds of millions for high-risk clients including wire fraud fugitives, tax fraud convicts, and Belarusian oligarch.
Australian regulator AUSTRAC expressed serious concerns about Tabcorp's money laundering and terrorism financing risk management controls, commenced enforcement investigation. Focus on effectiveness of Tabcorp's AML/CTF program and customer monitoring processes.
Sanctions
Joint investigation by OCCRP and Follow the Money reveals Western shipowners earned at least $6.3 billion selling hundreds of aging tankers to shell companies that became part of Russia's shadow fleet. At least 230 vessels from Europe and U.S.
MAS issued prohibition orders against Wang Qiming (16 years) and Liu Kai (7 years), former relationship managers convicted of charges connected to major August 2023 money laundering case involving S$3 billion.
OFAC designated six individuals and two entities for facilitating North Korean IT worker fraud schemes that generated nearly $800 million in 2024 to fund DPRK weapons programs. Network includes Amnokgang Technology Development Company and facilitators in Vietnam, Laos, Spain.
Singapore Police and MAS jointly conducted enforcement operations March 5, 2026 against Capital Asia Investments Pte Ltd and its directors for suspected money laundering offences and suspected failure to comply with obligations as licensed capital markets services licence holder.
Money laundering
ICIJ investigation traced tens of thousands of cryptocurrency transactions revealing at least $28 billion tied to illicit activity flowed onto Binance, OKX and other major exchanges. Analysis found $408 million flowing from Huione Group (Cambodian institution flagged by U.S.